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U.S. Grants Samsung $6.4 Billion for Texas Chip Plants; 21,500 Jobs by 2026
Apr 15, 2024, 10:04 AM
The U.S. government has agreed to provide up to $6.4 billion in grants to Samsung Electronics for the development of advanced semiconductor manufacturing facilities in Texas, targeting a 2026 production start for 2nm chips. This funding, part of the CHIPS Act, aims to boost domestic chip production and reduce reliance on foreign technology. Samsung plans to invest an additional $40 billion, enhancing its operations in Austin and constructing new facilities in Taylor, Texas. These developments are expected to create over 21,500 jobs and include the production of 2nm and 4nm logic chips. The initiative also includes a $40 million investment in local workforce training and will benefit from a 25% investment tax credit.
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